Chinese miner hires Canadian CEO as review continues on Nunavut mine deal

The Doris North gold mine, part of the Hope Bay project in Nunavut’s Kitikmeot region. The Chinese company trying to buy TMAC Resources Ltd., which owns Hope Bay, has appointed a Canadian CEO. (TMAC Resources)
The Chinese company trying to buy TMAC Resources Ltd. has appointed a Barrick Gold Corp. veteran as CEO of its Canadian operations even though the deal is still being reviewed by Ottawa.

Hong Kong-traded Shandong Gold Mining Co. Ltd. says it has appointed Mark Wall as CEO of Streamers Gold Mining Corp. Ltd., its wholly owned subsidiary in Canada.

Shandong’s $230-million offer to buy TMAC, owner of the Hope Bay mining project in Nunavut, has received Chinese regulatory approvals and TMAC shareholders voted in favour of it in June.

The Hope Bay gold mine project is located 125 kilometres southwest of Cambridge Bay.

The Commissioner of Competition has issued a “no action” letter, but it is still being reviewed under the Investment Canada Act and Ottawa could veto the deal if it finds it would harm national security.

A map showing the location of the Hope Bay gold mine in Nunavut. (TMAC Resources)

Wall has more than 24 years of experience in the mining industry, most recently at Nevada Copper Corp.

During a 12-year stint at Barrick that ended in 2018, the Canadian citizen served as executive general manager of the Veladero gold mine in Argentina.

Shandong bought a 50 per cent stake in the mine in the high Andes mountains three years ago.

Related stories from around the North:

Canada: Fortune Minerals switches focus to gold, gets $144K from Canada’s Northwest government, CBC News

Finland: Miners hunting for metals to battery cars threaten Finland’s Sámi reindeer herders’ homeland, The Independent Barents Observer

Norway: The Arctic railway – Building a future or destroying a culture?, Eye on the Arctic

Russia: Russian Indigenous groups call on Elon Musk to boycott company behind Arctic environmental disasters, The Independent Barents Observer

Sweden: Sami in Sweden start work on structure of Truth and Reconciliation Commission, Eye on the Arctic

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